The future home market is about to get a lot more interesting.
According to new data from Experian, there are over 100,000 homes under construction right now, which equates to over 10% of all homes currently being built.
And that number is likely to go up over the next few years.
It’s no secret that demand for new homes is going to be a big factor in the housing market in the coming years.
And as more homes become available, it’s likely that buyers will want to find out how much they’re going to pay.
This is where things can get interesting, and with the growing number of new homes being built in California, a lot of the demand for a new home could be met through lower prices.
What are the new homes under development in California?
Here are a few of the upcoming developments that could bring down the cost of a new house in the state: (1) The $6 million project from the developer of the iconic Redwood City mansion, Brick & Mortar, has a $6.9 million price tag.
(2) Developer of the popular San Jose mansion, the $1.5 million Gorge Hill, is also looking to sell a new home in the $3.8 million Redwood City development.
(3) Developers of the $1.8 billion Redstone Ranch mansion are looking to move into a $3 million development at the site.
The project, which started as a $1 million house, was sold last year to developer David Kohn.
“We’re excited about the opportunity to bring a $2 million house to San Jose and to open the doors to a new neighborhood in a city where the demand is so high for new housing,” said Kohn in a statement.
But there’s another project that’s also in the works that is priced at $1,100,000.
This project, which is expected to be completed by 2020, has been in the planning stage for years, but now that it’s moving forward, developers are looking to take the project off the drawing board.
And this is exactly what former San Jose Mayor Willie Brown was talking about when he described the project as a “fiasco” when it was first announced in 2016.
With a total of $11.9 billion already spent on housing in San Jose, this is a project that could really be a game changer.
Why is this important?
Because the new home market could bring in up to $4.2 billion in revenue.
That means the market could be a lot bigger than it currently is, and the new construction could bring a lot less in revenue for the city of San Jose than some previous projects.
For example, $4.1 billion in housing construction in 2015 brought in $2.6 billion in tax revenue.
With the new housing boom, this could be even higher.
How do you get a new future home in California for $1?
If you live in San Francisco, you’re in luck.
There are over 80,000 home buyers in the Bay Area, according to the Bay Area Housing Partnership, which is the lead agency for home sales.
(3,4) This $1 billion project by developer Holland Goss has a $6.8 million price tag, which will allow the developer to bring in an additional $2,600,000 in tax revenue.
There are two new developments on the list that could add to this revenues, as well. Developer Lance Foster, announced that he’s bringing a new home to the San Jose area with $2.2 million to $3,200,000 to the $2 billion Gustavian Haus, a luxury residential development in the San Francisco Bay area.
While Lancelot’s development has $3.1 million in construction as of this date, the developer has said that he is currently working on a $2-million development that is expected to begin on September 2.
Will prices go up?
Yes, and they will.
According to a report from The San Jose Mercury News, “In the first three quarters of this year, the average price of new home construction in the metro area fell 2.2% from the same period in 2016.”
So that means that prices could drop by over 30%.
The new homes could be priced at an average of $1 more per square foot than the average home that is currently being built in the